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Dutch Bros Inc.（BROS）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是Dutch Bros Inc.的1.4倍（$614.5M vs $443.6M），Dutch Bros Inc.净利率更高（4.8% vs -2.0%，领先6.8%），Cloudflare, Inc.同比增速更快（33.6% vs 29.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $8.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 27.0%）
Dutch Bros Inc.是美国上市得来速咖啡连锁品牌，1992年由戴恩·博尔斯马与特拉维斯·博尔斯马创立，原总部位于俄勒冈州格兰茨帕斯，2025年迁至亚利桑那州坦佩。品牌拥有直营及加盟门店，主力布局美国西部市场，目前扩张范围最东已覆盖佛罗里达州奥兰多。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
BROS vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$443.6M
营收增速更快
NET
高出4.2%
29.4%
净利率更高
BROS
高出6.8%
-2.0%
自由现金流更多
NET
多$96.7M
$8.5M
两年增速更快
NET
近两年复合增速
27.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $443.6M | $614.5M |
| 净利润 | $21.4M | $-12.1M |
| 毛利率 | 24.1% | 73.6% |
| 营业利润率 | 7.7% | -8.0% |
| 净利率 | 4.8% | -2.0% |
| 营收同比 | 29.4% | 33.6% |
| 净利润同比 | 491.6% | 6.0% |
| 每股收益（稀释后） | $0.17 | $-0.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BROSNET
| Q4 25 | $443.6M | $614.5M | ||
| Q3 25 | $423.6M | $562.0M | ||
| Q2 25 | $415.8M | $512.3M | ||
| Q1 25 | $355.2M | $479.1M | ||
| Q4 24 | $342.8M | $459.9M | ||
| Q3 24 | $338.2M | $430.1M | ||
| Q2 24 | $324.9M | $401.0M | ||
| Q1 24 | $275.1M | $378.6M |
净利润BROSNET
| Q4 25 | $21.4M | $-12.1M | ||
| Q3 25 | $17.5M | $-1.3M | ||
| Q2 25 | $25.6M | $-50.4M | ||
| Q1 25 | $15.4M | $-38.5M | ||
| Q4 24 | $3.6M | $-12.8M | ||
| Q3 24 | $12.6M | $-15.3M | ||
| Q2 24 | $11.9M | $-15.1M | ||
| Q1 24 | $7.1M | $-35.5M |
毛利率BROSNET
| Q4 25 | 24.1% | 73.6% | ||
| Q3 25 | 25.2% | 74.0% | ||
| Q2 25 | 28.9% | 74.9% | ||
| Q1 25 | 25.3% | 75.9% | ||
| Q4 24 | 25.7% | 76.4% | ||
| Q3 24 | 26.6% | 77.7% | ||
| Q2 24 | 27.8% | 77.8% | ||
| Q1 24 | 26.1% | 77.5% |
营业利润率BROSNET
| Q4 25 | 7.7% | -8.0% | ||
| Q3 25 | 9.8% | -6.7% | ||
| Q2 25 | 13.1% | -13.1% | ||
| Q1 25 | 8.7% | -11.1% | ||
| Q4 24 | 4.6% | -7.5% | ||
| Q3 24 | 9.6% | -7.2% | ||
| Q2 24 | 9.9% | -8.7% | ||
| Q1 24 | 9.3% | -14.4% |
净利率BROSNET
| Q4 25 | 4.8% | -2.0% | ||
| Q3 25 | 4.1% | -0.2% | ||
| Q2 25 | 6.2% | -9.8% | ||
| Q1 25 | 4.3% | -8.0% | ||
| Q4 24 | 1.1% | -2.8% | ||
| Q3 24 | 3.7% | -3.6% | ||
| Q2 24 | 3.7% | -3.8% | ||
| Q1 24 | 2.6% | -9.4% |
每股收益（稀释后）BROSNET
| Q4 25 | $0.17 | $-0.03 | ||
| Q3 25 | $0.14 | $0.00 | ||
| Q2 25 | $0.20 | $-0.15 | ||
| Q1 25 | $0.13 | $-0.11 | ||
| Q4 24 | $0.03 | $-0.05 | ||
| Q3 24 | $0.11 | $-0.04 | ||
| Q2 24 | $0.12 | $-0.04 | ||
| Q1 24 | $0.08 | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $269.4M | $943.5M |
| 总债务越低越好 | $202.5M | — |
| 股东权益账面价值 | $680.8M | $1.5B |
| 总资产 | $3.0B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.30× | — |
8季度趋势，按日历期对齐
现金及短期投资BROSNET
| Q4 25 | $269.4M | $943.5M | ||
| Q3 25 | $267.2M | $1.1B | ||
| Q2 25 | $254.4M | $1.5B | ||
| Q1 25 | $316.4M | $204.5M | ||
| Q4 24 | $293.4M | $147.7M | ||
| Q3 24 | $281.1M | $182.9M | ||
| Q2 24 | $260.9M | $157.0M | ||
| Q1 24 | $262.7M | $254.4M |
总债务BROSNET
| Q4 25 | $202.5M | — | ||
| Q3 25 | $202.3M | — | ||
| Q2 25 | $203.3M | — | ||
| Q1 25 | $284.2M | — | ||
| Q4 24 | $238.0M | — | ||
| Q3 24 | $241.2M | — | ||
| Q2 24 | $244.3M | — | ||
| Q1 24 | $247.5M | — |
股东权益BROSNET
| Q4 25 | $680.8M | $1.5B | ||
| Q3 25 | $656.6M | $1.3B | ||
| Q2 25 | $636.2M | $1.2B | ||
| Q1 25 | $599.1M | $1.4B | ||
| Q4 24 | $537.4M | $1.0B | ||
| Q3 24 | $523.1M | $973.1M | ||
| Q2 24 | $509.1M | $881.5M | ||
| Q1 24 | $417.1M | $797.2M |
总资产BROSNET
| Q4 25 | $3.0B | $6.0B | ||
| Q3 25 | $2.9B | $5.8B | ||
| Q2 25 | $2.8B | $5.6B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | $2.5B | $3.3B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.1B | $2.8B |
负债/权益比BROSNET
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.46× | — | ||
| Q2 24 | 0.48× | — | ||
| Q1 24 | 0.59× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $79.6M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $8.5M | $105.2M |
| 自由现金流率自由现金流/营收 | 1.9% | 17.1% |
| 资本支出强度资本支出/营收 | 16.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 3.73× | — |
| 过去12个月自由现金流最近4个季度 | $54.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BROSNET
| Q4 25 | $79.6M | $190.4M | ||
| Q3 25 | $89.1M | $167.1M | ||
| Q2 25 | $89.9M | $99.8M | ||
| Q1 25 | $36.9M | $145.8M | ||
| Q4 24 | $62.2M | $127.3M | ||
| Q3 24 | $83.5M | $104.7M | ||
| Q2 24 | $59.5M | $74.8M | ||
| Q1 24 | $41.2M | $73.6M |
自由现金流BROSNET
| Q4 25 | $8.5M | $105.2M | ||
| Q3 25 | $18.9M | $82.5M | ||
| Q2 25 | $35.7M | $39.9M | ||
| Q1 25 | $-8.7M | $59.9M | ||
| Q4 24 | $19.5M | $54.2M | ||
| Q3 24 | $26.4M | $54.5M | ||
| Q2 24 | $-4.9M | $45.2M | ||
| Q1 24 | $-16.3M | $41.5M |
自由现金流率BROSNET
| Q4 25 | 1.9% | 17.1% | ||
| Q3 25 | 4.5% | 14.7% | ||
| Q2 25 | 8.6% | 7.8% | ||
| Q1 25 | -2.4% | 12.5% | ||
| Q4 24 | 5.7% | 11.8% | ||
| Q3 24 | 7.8% | 12.7% | ||
| Q2 24 | -1.5% | 11.3% | ||
| Q1 24 | -5.9% | 11.0% |
资本支出强度BROSNET
| Q4 25 | 16.0% | 13.9% | ||
| Q3 25 | 16.6% | 15.1% | ||
| Q2 25 | 13.0% | 11.7% | ||
| Q1 25 | 12.8% | 17.9% | ||
| Q4 24 | 12.5% | 15.9% | ||
| Q3 24 | 16.9% | 11.7% | ||
| Q2 24 | 19.8% | 7.4% | ||
| Q1 24 | 20.9% | 8.5% |
现金转化率BROSNET
| Q4 25 | 3.73× | — | ||
| Q3 25 | 5.09× | — | ||
| Q2 25 | 3.51× | — | ||
| Q1 25 | 2.40× | — | ||
| Q4 24 | 17.23× | — | ||
| Q3 24 | 6.60× | — | ||
| Q2 24 | 4.99× | — | ||
| Q1 24 | 5.83× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
BROS
| Company Operated Shops | $409.6M | 92% |
| Franchise Fees | $32.3M | 7% |
| Other | $1.8M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
